Set U.S. Senate vote on flood insurance program: An editorial

Congress' failure to approve a long-term extension of the National Flood Insurance Program for three consecutive years illustrates why many Americans are giving the federal legislative body very low marks. The program, the only underwriter of flood insurance policies in the nation, expired in 2008. Since then, lawmakers have only approved temporary extensions to keep the program going a few months at a time.

The Times-PicayuneU.S. Sen. David Vitter is pushing for a vote on extending the flood insurance program

That has led to numerous lapses in the flood insurance program -- including four disruptions in 2010 that totaled 53 days. Another lapse looms in May, when the current temporary authorization is scheduled to end.

Congress needs to stop messing around with this important program and approve a lengthy extension this time.

The House did its part last summer, approving a five-year extension to the program that also included several reforms to help stabilize its finances. But the Senate has yet to act on a similar bill to extend the NFIP for several years.

Louisiana Sen. David Vitter, a Republican, and Montana Sen. Jon Tester, a Democrat, are now urging Senate leaders to open floor debate on the Senate measure, which enjoys bipartisan support. Sen. Harry Reid, the Democratic majority leader, and the Republican minority leader, Sen. Mitch McConnell, should heed the request from the senators and schedule a vote.

The flood insurance program covers about 5.6 million property owners nationwide, including 485,000 in Louisiana. Those owners pay subsidized premiums for their policies. The program, however, is $18 billion in debt, mostly because of large payouts following Hurricanes Katrina and Rita in 2005. The program needs some reforms to ensure its long-term viability, and both the Senate and House bills include some measures to address these issues.

The short-term extensions Congress has been approving ignore these proposed reforms.

Letting the program lapse has hurt residents in flood-prone areas. Existing flood policies remain in effect when the NFIP lapses, but no new policies can be issued. That essentially stops real estate transactions because many lenders require flood insurance. Such instability hurts the economy, and it must not continue.

Sen. Vitter said allowing the program to lapse again "would be a huge disservice to home buyers," and he's right.

That's why the Senate should move now to approve a multi-year extension.